PSEi slips below 6,300

MANILA, Philippines—The local stock barometer slipped for a second session on Monday to settle at slightly below 6,300 as jitters over China’s property market weighed down regional markets.

The Philippine Stock Exchange index lost 12.04 points or 0.19 percent to close at 6,296.32, dragged down by the financial, holding firms, services, mining/oil and property counters.

Trading was upbeat in early session due to optimism on local corporate earnings but gains were eroded as regional jitters triggered profit-taking. Foreign investors who were net buyers last week turned into net sellers for the day, resulting in P2.17 billion in net outflows.

Value turnover for the day was heavy at P10.2 billion. Despite the profit-taking on large-cap stocks, there was rotation of funds to the broader market. As a result, there were 82 advancers that edged out 73 decliners while 57 stocks were unchanged.